Tech giant's $2.6B deal awaits European approval

CLEARWATER — Tech Data Corp. announced recently that its $2.6 billion deal to buy Avnet Inc.'s technology solutions business is proceeding and could close before the end of this month.

The Clearwater-based company acknowledged in a statement, however, despite the “substantial progress” that has been made, that the purchase of the Avnet unit still must receive final regulatory approvals from the European Commission and others.

Tech Data, an IT services and products distributor that generated more than $26 billion in revenue in its fiscal year ended Jan., 31, 2016, and ranks as one of the largest companies headquartered along the Gulf Coast, announced a “definitive agreement” to buy the Avnet business in mid-September 2016 for $2.4 billion in cash and nearly 2.8 million shares of common stock.